GBPUSD news - page 81
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Sterling Hovers Around $1.41 Sterling has been trading muted and the GBP/USD pair fell to the lowest levels since 2009, amid mounting political concerns since the weekend.
On Tuesday the pound was 0.2% lower against the greenback, hovering slightly above the $1.41 mark.
The ongoing Treasury Select Committee hearing did not bring any major news as only the bank of England's Martin Weale and Nemat Shafik have spoken so far, with traders probably waiting for Governor Mark Carney.
From the US dollar point of view, S&P/Case-Shiller Home Price Indices for December are due, along with existing home sales for January. Moreover, consumer confidence for February will be published as well.
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GBP/USD: Sterling Books Fresh Intraday Lows, Next Target $1.40 Sterling fell even lower than yesterday, trading at fresh seven-year lows, extending the sharp losses seen on Monday.
Sterling suffered heavily after London Mayor Johnson came out swinging against Prime Minister Cameron on Monday. Boris Johnson, one of the UK's most popular and influential politicians, announced that he will campaign for leaving the European Union in a referendum due to be held on June 23, thus markedly increasing the probability of a Brexit.
Sterling was massively sold out on Monday as the unexpected Brexit support from Johnson could have a serious impact on voters and the results are in the fog now.
The pair lost almost 1.8% yesterday, closing at $1.4150, falling temporarily to a daily low of $1.4058, the lowest level in seven years. The sell off continued on Tuesday as well, sending the pair even lower to $1.4030, shaving another 0.8% compared to previous closing price.
The ongoing Treasury Select Committee hearing did not bring any major news as only the bank of England's Martin Weale and Nemat Shafik have spoken so far, with traders probably waiting for Governor Mark Carney.
UK Prime Minister David Cameron is in favor of remaining part of the EU and says that a 'Brexit' would give Britain the illusion of sovereignty but not any real power. The announcement of the referendum date initially sent the GBP higher against the USD, but London Mayor Boris Johnson's public dissent immediately saw that strength reversed.
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GBP/USD: Pound Hovers Around $1.40 Sterling was trading around the $1.40 mark on Wednesday and it was seen off daily lows, which were posted during the Asian session at $1.3970.
Later in the day, CBI realized sales for February are due and should remain at 16.00. In the previous session, the Treasury Select Committee hearing failed to bring anything new, but nevertheless, the pound remained under pressure during and after the hearing.
"BoE Governor Mark Carney did little to garner confidence about the consequences of a Brexit on the UK economy as the pound dipped again to fresh lows during inflation hearings. The discussion at the hearings was supposed to be about UK inflation but that got understandably sidelined by Brexit and the Boris-effect," Jasper Lawler, market analyst at CMC Markets UK, said on Wednesday.
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GBP/USD has been battered badly since the start of this new year. Currently it is trading at its 2009 yr lows as Brexit fears rule the investors' sentiments. In the chart below, GBP has breached the trend line and has even gone below the lower band of BB. This seems to be negative signal for the cable.
GBP/USD seems to have found a bit of support in 1.39. Let's see what this week brings!
GBP/USD: Pound Loses 3% in 3 Days on Brexit Panic The British pound fell for the third consecutive day seeking another floor deep below $1.40 on Wednesday.
The downhill tumble was launched on Monday, triggered by Boris Johnson's campaign to 'Vote Leave' that he launched last weekend. The charismatic mayor of London and Conservative Party MP has caused a serious blow to Prime Minister Cameron's effort to keep the UK inside the European Union.
Analysts expect that the UK could suffer economic losses if it votes to leave the EU on the June 23 referendum. A survey by Bloomberg on Wednesday says that most economists see the pound tumbling to $1.35 or even lower if the UK exits the common economic area of the 28 EU states.
The pair was trading down another 0.5% on Wednesday, finding a temporary anchor around $1.3940, recovering from the daily losses seen during the European session, when it tested below the $1.3900 area.
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Pound Stays Elevated on GDP Induced Rebound The British sterling was dwelling modestly below an intraday high on Thursday afternoon as the buck regained some position following the reliable US data, especially the spiking durable goods orders.
However, the cable remained only slightly elevated above the fresh seven-year low at $1.3876 reached February 25 due to Brexit fears.
Earlier in the morning, traders observed the second estimate of the UK's GDP during the fourth quarter of 2015 which came in line with estimates.
The Office of National Statistics showed that on the annual basis the economy rose by 1.9%, slowing down from 2.1% growth booked a quarter ago.
As for the quarter-to-quarter development, the GDP rose by 0.5%, marginally better when compared to the 0.4% hike seen during the third quarter.
In the afternoon, the cable was trading 0.39% elevated at $1.3980, slightly below an intraday high of $1.3996 seen earlier.
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Cable heads south again as EURGBP demand prevails Month-end demand for EURGBP sees GBPUSD back below 1.4000 Seems like I've cast my magic wand over cable again. Sorry to all you longs but you know I start early here. lol
EURGBP has been up above 0.7920 from 0.7898 with month-end demand in the frame again as traders pre-empt the BUBA's usual purchases for UK's EU membership. Make the most of it while you can. In two years time, after a Brexit vote this June and then the required legislation, we would see the last of this meal ticket!
GBPUSD has been down to look at 1.3960 from 1.4005. Currently back to 1.3977 and 0.7912 as traders waste little time to take some profit.
This pair is incredible, lol.
GBP/USD forecast for the week of February 29, 2016 The GBP/USD pair broke down significantly during the course of the week, slicing through the 1.40 level with significant momentum. With that being the case and the fact that we close towards the very bottom of the candle and it looks as if the market is going to continue going lower. We are sellers on short-term rallies that show signs of exhaustion, and of course exhaustive candles in general. A break below the bottom of the range for the week is also reason enough to start going short, as we should continue to see quite a bit of bearish pressure.